Investor Protection and Corporate Governance
584 pages
English

Investor Protection and Corporate Governance

-

YouScribe est heureux de vous offrir cette publication
584 pages
English
YouScribe est heureux de vous offrir cette publication

Description

'Investor Protection and Corporate Governance' analyzes the impact of corporate governance on firm performance and valuation. Using unique datasets gathered at the firm-level-the first such data in the region-and results from a homogeneous corporate governance questionnaire, the book examines corporate governance characteristics, ownership structures, dividend policies, and performance measures. The book's analysis reveals the very high levels of ownership and voting rights concentrations and monolithic governance structures in the largest samples of Latin American companies up to now, and new data emphasize the importance of specific characteristics of the investor protection regimes in several Latin American countries. By and large, those firms with better governance measures across several dimensions are granted higher valuations and thus lower cost of capital.
This title will be useful to researchers, policy makers, government officials, and other professionals involved in corporate governance, economic policy, and business finance, law, and management.

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Publié par
Publié le 26 juin 2007
Nombre de lectures 41
EAN13 9780821369142
Langue English
Poids de l'ouvrage 3 Mo

Exrait

Investor Protection and
Corporate Governance Investor
Protection and
Corporate
Governance
Firm-Level Evidence across
Latin America
Foreword by
Andrei Shleifer
Edited by
Alberto Chong and
Florencio López-de-Silanes
A COPUBLICATION OF STANFORD ECONOMICS AND FINANCE,
AN IMPRINT OF STANFORD UNIVERSITY PRESS, THE WORLD BANK, AND
THE INTER-AMERICAN DEVELOPMENT BANK.© 2007 The Inter-American Development Bank
1300 New York Avenue, NW
Washington DC 20577
Telephone: 202-623-1000
Internet: www.iadb.org
E-mail: res@iadb.org
All rights reserved
1 2 3 4 10 09 08 07
A copublication of Stanford Economics and Finance, an imprint of Stanford University Press,
the World Bank, and the Inter-American Development Bank.
Stanford University Press The World Bank The Inter-American
1450 Page Mill Road 1818 H Street NW Development Bank
Palo Alto CA 94304 Washington DC 20433 1300 New York Avenue, NW
Washington, DC 20577
The findings, interpretations, and conclusions expressed herein are those of the author(s) and
do not necessarily reflect the views of the Executive Directors of the International Bank for
Reconstruction and Development / The World Bank or the governments they represent.
The World Bank does not guarantee the accuracy of the data included in this work. The
boundaries, colors, denominations, and other information shown on any map in this work do
not imply any judgement on the part of The World Bank concerning the legal status of any
territory or the endorsement or acceptance of such boundaries.
Rights and Permissions
The material in this publication is copyrighted. Copying and/or transmitting portions or all
of this work without permission may be a violation of applicable law. The International Bank
for Reconstruction and Development / The World Bank encourages dissemination of its work
and will normally grant permission to reproduce portions of the work promptly.
For permission to photocopy or reprint any part of this work, please send a request with
complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers,
MA 01923, USA; telephone: 978-750-8400; fax: 978-750-4470; Internet: www.copyright.com.
All other queries on rights and licenses, including subsidiary rights, should be addressed
to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433,
USA; fax: 202-522-2422; e-mail: pubrights@worldbank.org.
ISBN-10: 0-8213-6913-X (World Rights except North America)
ISBN-13: 978-0-8213-6913-5 (W
eISBN-10: 0-8213-6914-8 (W
DOI: 10.1596 / 978-0-8213-6913-5 (W
ISBN-13 (Hardcover): 978-0-8047-0001-6 (North America)
ISBN-13 (Softcover): 978-0-8047-0007-8
Library of Congress Cataloging-in-Publication Data
Investor protection and corporate governance : firm-level evidence across Latin America /
edited by Alberto Chong and Florencio Lopez-de-Silanes.
p. cm.—(Latin American development forum)
Includes bibliographical references and index.
ISBN-13: 978-0-8213-6913-5
ISBN-10: 0-8213-6913-X
ISBN-10: 0-8213-6914-8 (electronic)
ISBN-13: 978-0-8047-0001-6 (Stanford Hardcover)
1. Corporate governance. 2. Investments. I. Chong, Alberto. II. Lopez-de-Silanes, Florencio.
HD2741.I63 2007
338.6098—dc22
2007003700 Latin American
Development Forum Series
This series was created in 2003 to promote debate, disseminate informa-
tion and analysis, and convey the excitement and complexity of the most
topical issues in economic and social development in Latin America and
the Caribbean. It is sponsored by the Inter-American Development Bank,
the United Nations Economic Commission for Latin America and the
Caribbean, and the World Bank. The manuscripts chosen for publication
represent the highest quality in each institution’s research and activity out-
put and have been selected for their relevance to the academic community,
policy makers, researchers, and interested readers.
Advisory Committee Members
Inés Bustillo, Director, Washington Office, Economic Commission for
Latin America and the Caribbean, United Nations
José Luis Guasch, Senior Adviser, Latin America and the Caribbean Region,
World Bank; and Professor of Economics, University of California,
San Diego
Stephen Haber, A. A. and Jeanne Welch Milligan Professor, Department
of Political Science, Stanford University; Peter and Helen Bing Senior
Fellow, the Hoover Institution
Eduardo Lora, Principal Adviser, Research Department, Inter-American
Development Bank
José Luis Machinea, Executive Secretary, Economic Commission for Latin
America and the Caribbean, United Nations
Guillermo E. Perry, Chief Economist, Latin America and the Caribbean
Region, World Bank
Luis Servén, Research Manager, Development Economics Vice Presidency,
World Bank About the Contributors
Ricardo Bebczuk teaches regularly at the universities of La Plata, Di Tella,
CEMA, and San Andres in Argentina. He is also chief economist at the
Center for Financial Stability, Buenos Aires.
André L. Carvalhal-da-Silva is assistant professor of finance at the Coppead
Graduate Business School, Federal University of Rio de Janeiro.
Alberto Chong is a principal research economist in the Research Department
of the Inter-American Development Bank.
Juan José Cruces is an assistant professor in the Department of Economics
at the Universidad de San Andrés, Buenos Aires; he was also chairman of the
Master’s Program in Finance at the same university until August 2005.
Urbi Garay is assistant professor of finance, coordinator of the Finance
Department, and member of the Academic Council at the Instituto de
Estudios Superiores de Administración, Caracas.
Maximiliano González is assistant professor at the Finance Center of the
Instituto de Estudios Superiores de Administración, Caracas.
Luis Hernando Gutiérrez is an associate professor in the Faculty of
Economics, Universidad del Rosario, Bogotá.
Enrique Kawamura is assistant professor of economics at the Universidad
de San Andrés, Buenos Aires.
Ricardo P. C. Leal has been associate professor of finance at the Coppead
Graduate Business School, Federal University of Rio de Janeiro, since 1998.
He is also the chair of the Center for Insurance Studies and Research.
Fernando Lefort is an associate professor in the Business School of the
Pontificia Universidad Catolica in Santiago de Chile. He is also the director
of the Center of Corporate Governance and director of the Journal of the
Department of Business and Economics at the same university.
viiviii about the contributors
Florencio López-de-Silanes is professor of finance and governance and
chairman of the Master’s Program in Business Administration and
International Master’s Committees at the University of Amsterdam
Business School; he is also a faculty research fellow at the National Bureau
of Economic Research, Cambridge, MA.
Carlos Pombo is an associate professor at the Department of Economics
and director of Graduate Studies in Economics, Universidad del Rosario,
Bogotá.
Eduardo Walker is a professor in the School of Business Administration,
Pontificia Universidad Catolica, Santiago de Chile.

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